cessio bonorum definition

February 19, 2018 AZ Dictionary

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The surrender of your assets; in Scots legislation, a yielding or surrender of property or products, a legal proceeding through which a debtor has a right to be free from imprisonment, if innocent of fraud, on surrendering their entire means and estate to his creditors.

The surrender of the possessions; in Scots law, a yielding or surrender of home or products, a legal proceeding in which a debtor is entitled to be without imprisonment, if innocent of fraud, on surrendering his whole means and property to their creditors.